Stocks move back into red
Tribune Report

Stocks moved back into the red yesterday, as weak macroeconomic scenario worried investors. From the very beginning of the session, the market tumbled sharply, erasing all the gains made in previous two trading sessions.

The benchmark index, DSEX, lost 40 points or 1% to 4,511.

The Shariah index, DSES, was down 11 points or 1% to 1,085.

The blue chip comprising index, DS30, closed at 1,713, shedding 14 points or 1%.

The Chittagong Stock Exchange Selective Category Index, CSCX, settled at 8,395 with a fall of 72 points. Other than non-banking financial institutions that gained 1.6%, all the major sectors dived.

Ceramics suffered the most, shedding 2.2%, followed by power 1.5%, cement 0.7%, banks 0.6%, pharmaceuticals 0.6%, food & allied 0.5% and telecommunication 0.3%.

Trading remained sluggish at the bourse with the turnover amounting to Tk290 crore, down 9.5% over the previous session.

Engineering led the turnover chart for the third consecutive day, making up 22% of the total turnover.

Lanka Bangla Securities said the market showed sign of fatigue with all the major sectors stumbling on the red zone and almost dried up the market.

It said investors rushed to cash in on stocks as bear gripped market.

IDLC Investments said the losing spell resumed after two sessions of uplift, as the market struggled to stay above the 4,500 points level.

From the macro-perspective, the pessimistic news of slumping remittance inflow in October, export and foreign investment along with the devaluation of taka against US dollar despaired the investors much, selling frenzy, it said.

IFAD Autos Limited witnessed the highest market participation with the turnover of about Tk20 crore.

It was followed by KDS Accessories, Quasem Drycell, CAN Textile, Bangladesh Submarine Cable Company Limited and Lafarge Surma Cement. 

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